AHMEDABAD (Commodity Online): MCX Gold future prices closed at 19150 rupees per ten grams last week with 286 rupees gains vs. previous week’s close of 18864.
MCX Oct Gold contract opened up at 19117 this morning and made an intraday low at 19051 and last traded at 19112 down by 38 rupees becaue of strong INR. Gold prices are likely to remain sideways for the next few trading sessions waiting for further cues from US like US housing data and FOMC meeting on Tuesday this week. However, investors are still interested in Gold as further quantitative easing may weaken USD.
Gold prices are in uptrend for medium term on strong physical demand. Gold prices are likely to resume its uptrend and may touch 19300-19450 levels within next few trading days.
MCX Gold future prices are likely to trade in a range of 18950-19300. Support for Gold is seen at 19000 and below it; prices can test 18850 while the resistance levels are 19250 and 19400 respectively.
Intraday traders can Buy MCX Oct Gold contract near 19050 keeping a stop loss of 19010 and wait for the targets of 19100-19150.
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